Two airlines post losses, burdened by fuel prices

Bangkok Airways posted a net loss of 393m baht in Q3, while Asia Aviation, the major shareholder of Thai AirAsia, racked up a net loss of 4.1b baht as the two carriers were pressured by increasing costs driven by surging fuel prices. In the first nine months this year, Bangkok Airways posted a total operating loss of 1.19b baht, an improvement of 1.3b from a loss of 2.5b in the same period a year earlier, thanks to increased ticket sales. Revenue from Bangkok Airway's passenger fares surged to 5.17b baht in the first nine months, up 800% year-on-year. The company said increasing fuel prices and maintenance costs pushed up expenses during the nine-month period. Its earnings before interest, taxes, depreciation and amortisation (Ebitda) skyrocketed by 150% year-on-year to 486m baht. In Q3, the airline reported operating profit of 75.1m baht, up 106% year-on-year. Bangkok Airways opened two new routes in the third quarter -- BangkokHat Yai and Samui-Hat Yai -- in addition to increasing flight frequency on its five existing main routes. The airline carried 1.7m passengers on 19,648 flights over the first nine months. Meanwhile, AAV posted a net loss of 4.1b baht in Q3,<br/>carrying on from a loss of 3.8b year-on-year. The loss was attributed to rising expenses, mainly higher fuel prices, maintenance costs as well as a weaker baht.<br/>